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Regulators at the Bank for International Settlements in Basel, Switzerland, are hard at work designing regulatory standards to avoid future financial meltdowns like the global financial crisis of 2008. Joining them for two months is Liliana Rojas Suarez, a CGD senior fellow and the founding chair of the Latin American Shadow Financial Regulatory Committee.

I spoke with Liliana just before she left for Basel about macroprudential regulation—an approach that focuses on the systemic risks arising from the interaction among banks and other financial institutions. (Liliana had spoken about this at a recent CGD Research in Progress staff meeting; her slides are a useful adjunct to our Wonkcast discussion.)

Bringing together voices from inside and outside the Fund, the IMF interviewed a number of government officials, NGO representatives, and IMF staff to discuss the new role of emerging market and low-income countries in the IMF.

In this video clip, CGD’s president Nancy Birdsall explains what compromises must be made before emerging market economies assume more control over the IMF. While the BRICs (Brazil, Russia, India, and China) need to convince the US and Europe that they can be reliable global stewards, rich countries must realize that greater participation is in the long-term interests of all countries.

In this presentation, CGD senior fellow Liliana Rojas-Suarez compares the most important features of the Mexico’s banking crisis in the mid-1990s and the current crisis in the United States. The presentation reveals large similarities in the causes of the crises. In particular the root cause of both crises can be found in significant regulatory deficiencies in the context of an expansionary monetary policy. When comparing the resolution processes, key similarities between the two crises, especially with respect to political constraints and indecisive policy reactions are also found.